European Auto ABS Index Report Q4 2005 Mar 06

Standard & Poors, March 2006

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

Abstract
Issuance activity was more lively in the fourth quarter of 2005. We rated three public transactions: BBVA Autos 2 Fondo de Titulizaci-n de Activos, Asset-Backed European Securitisation Transaction Two S.r.l., and League 2005-1 Ltd. Total 2005 issuance of notes backed by auto loans and leases remained healthy. Even though fewer public transactions were rated, volumes in 2005 were higher than in 2004, driven by larger transaction volumes and an increase in the popularity of privately rated transactions, which doubled compared to 2004. Average net loss rates decreased to 0.59% in the fourth quarter, a contrast to the increases we had seen up to the third quarter. The prepayment rate reversed in Q4 and returned to the upward trend seen in...

Companies mentioned in this report are: BMORE Finance No. 4 PLC,Chaves Funding No. 4 PLC,LTR Finance No. 5 PLC,BBVA Autos 1 Fondo de Titulizacion de Activos,Asset-Backed European Securitisation Transaction Two S.r.l.,BBVA Autos 2, Fondo de Titulizacion de Activos,League 2005-1 Ltd.,VCL No. 8 Ltd.,Auto ABS Compartiment 2006-1,LTR Finance No. 6 PLC,CARS ALLIANCE AUTO LOANS FRANCE FCC,Fondo de Titulizacion de Activos Santander Consumer Spain Auto 06,Driver Three GmbH,AUTO ABS COMPARTIMENT 2007-1

BMORE Finance No. 4 PLC,Chaves Funding No. 4 PLC,LTR Finance No. 5 PLC,BBVA Autos 1 Fondo de Titulizacion de Activos,Asset-Backed European Securitisation Transaction Two S.r.l.,BBVA Autos 2, Fondo de Titulizacion de Activos,League 2005-1 Ltd.,VCL No. 8 Ltd.,Auto ABS Compartiment 2006-1,LTR Finance No. 6 PLC,CARS ALLIANCE AUTO LOANS FRANCE FCC,Fondo de Titulizacion de Activos Santander Consumer Spain Auto 06,Driver Three GmbH,AUTO ABS COMPARTIMENT 2007-1

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